Tag: stock market

Sears Holdings Corp. said Thursday that it will open a smaller-sized appliance-focused store in Ft. Collins, Colo. on May 19. There are additional stores planned, according to Sears, but location and timing are not yet being provided. The 10,000-square-foot store will feature a 122-inch digital display to show how a kitchen will look with new appliance purchases at full scale, tablets to aid customers in their shopping and a variety of shipping and pick-up options. Sears shares are down 4.9% in Thursday trading, and down 71.4% for the past year. The S&P 500 is down 1.7% for the last 12 months.

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Channel checks at Abercrombie & Fitch Co. stores show that managers at Hollister are more upbeat than those at Abercrombie & Fitch shops, Wedbush said in a Thursday note. Analysts visited 40 Hollister stores and 40 Abercrombie & Fitch stores, and found that 24 Abercrombie & Fitch stores fell below planned quarterly sales goals. Some Abercrombie & Fitch store managers saw benefits from better fashions and inventory control while others thought fewer promotions were having a negative impact. “Some however noted that larger offerings online of petite and tall sizes were a plus for attracting older customers,” the Wedbush note said. Analysts expressed skepticism about Abercrombie’s efforts to reach this older demographic and concern about the brand’s lagging acceptance in the U.S. Hollister managers were upbeat about spring purchasing, attributed to better year-over-year fashion assortment. And seven Hollister stores launched the Club Cali rewards program, which analysts said would help the chain maintain momentum. Abercrombie shares are down 0.7% in premarket trading, and down 10.9% for the year to date. The S&P 500 is up 1% for the year so far.

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U.S. stocks opened higher on Thursday, boosted by strong gains in oil prices, after the International Energy Agency said it sees a “dramatic reduction” in the supply glut later this year. But a larger-than-expected rise in weekly jobless claims weighed on risk appetite, as it suggested that the pace of hiring has slowed. The S&P 500 added 7 points, or 0.3%, to 2,071. The Dow Jones Industrial Average rose 60 points, or 0.3%, to 17,767 at the open. Meanwhile, the Nasdaq Composite began the session up 14 points, or 0.3%, at 4,774.

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CPI Card Group Inc.’s stock plummeted 44% toward a record low in premarket trade Thursday, after the chip card maker missed profit and sales expectations, and provided a downbeat outlook. The disappointing results prompted analyst David Koning at Robert W. Baird to downgrade CPI to neutral from outperform, and cut the stock price target to $4 from $14. CPI reported late Wednesday earnings of $5.7 million, or 10 cents a share, compared with a loss of $6.4 million, or 16 cents a share, in the same period a year earlier. Adjusted earnings per share of 13 cents missed the FactSet consensus of 14 cents. Sales rose to $86.4 million from $77.3 million, but missed expectations of $88.2 million. For 2016, the company said it expects sales of $335 million to $355 million, well below the FactSet consensus as of the end of April of $436.4 million. The company blamed “much greater than anticipated” unissued card inventories at large issuers and evidence of “slower than anticipated” conversions for small to mid-sized issuers. “The magnitude of the guide down [for sales] leaves questions about whether there is any visibility,” Koning wrote in a note to clients. The stock is changing hands at $4.10 ahead of the open, which is 57% below the initial public offering price of $10. CPI went public on Oct. 9, just eight days the use of chip cards was supposed to become a requirement.

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From:: Stock Market News

CPI Card Group Inc.’s stock plummeted 44% toward a record low in premarket trade Thursday, after the chip card maker missed profit and sales expectations, and provided a downbeat outlook. The disappointing results prompted analyst David Koning at Robert W. Baird to downgrade CPI to neutral from outperform, and cut the stock price target to $4 from $14. CPI reported late Wednesday earnings of $5.7 million, or 10 cents a share, compared with a loss of $6.4 million, or 16 cents a share, in the same period a year earlier. Adjusted earnings per share of 13 cents missed the FactSet consensus of 14 cents. Sales rose to $86.4 million from $77.3 million, but missed expectations of $88.2 million. For 2016, the company said it expects sales of $335 million to $355 million, well below the FactSet consensus as of the end of April of $436.4 million. The company blamed “much greater than anticipated” unissued card inventories at large issuers and evidence of “slower than anticipated” conversions for small to mid-sized issuers. “The magnitude of the guide down [for sales] leaves questions about whether there is any visibility,” Koning wrote in a note to clients. The stock is changing hands at $4.10 ahead of the open, which is 57% below the initial public offering price of $10. CPI went public on Oct. 9, just eight days the use of chip cards was supposed to become a requirement.

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Ralph Lauren Corp. shares were up 3% in Thursday premarket trading after the luxury apparel and accessories company reported fourth-quarter earnings that beat estimates. Ralph Lauren reported net income of $41 million, or 49 cents per share, down from $124 million, or $1.41 per share, for the same period last year. Adjusted earnings were 88 cents per share, exceeding the FactSet consensus of 83 cents. Revenue for the quarter totaled $1.87 billion, down from $1.89 billion last year, but above the FactSet consensus of $1.86 billion. The company’s board authorized an additional $200 million stock repurchase program, in addition to the remaining $100 million available at the end of the fourth quarter from the previous program. Ralph Lauren will provide first-quarter and full-year fiscal 2017 guidance at its investor day event on June 7. Company shares are down 36.6% for the past year while the S&P 500 is down 1.7% for the same period.

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Honeywell Inc. said Thursday it is planning to spin off its $1.3 billion resins and chemicals business into a new standalone company to be named AdvanSix Inc. The new entity will be publicly traded with the deal expected to be completed by early 2017, the defense company said in a statement. The spinoff is expected to be tax-free to Honeywell shareholders. There is no impact to financial guidance at this time, said the statement. The business “is favorably positioned to continue to achieve global growth as a standalone enterprise, with added flexibility to make capital investments that enhance its offerings and service to customers,” Chief Executive Dave Cote said in the statement. Shares were not yet active in premarket trade, but are up 10% in the year so far, while the S&P 500 has gained 1%.

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Monsanto Co. jumped 17% in premarket action on Thursday amid rumors German chemicals giants BASF SE or Bayer AG are mulling a takeover of the St. Louis-based agriculture company. Streetinsider.com said late Wednesday BASF is working with investment banks to advise on a potential takeover of the Roundup maker. Thursday, however, Bloomberg News reported that Bayer is exploring a $40 billion bid for Monsanto. Representatives from BASF and Bayer declined to comment and Monsanto wasn’t immediately available to comment. The takeover speculation comes after Bloomberg reported in March that Monsanto was looking to do possible deals with BASF and Bayer AG . Monsanto was vying to buy Syngenta AG earlier in the year, but the Swiss pesticide and seed company was snapped up by China National Chemical Corp. in a $43 billion deal.

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The Bank of England on Thursday sounded the alarm that a vote for the U.K. to leave the European Union would hurt the economy and send the pound sharply lower. In its toughest warning yet, the central bank said the “most significant risk” to its economic forecasts concern the so-called Brexit referendum on June 23. “A vote to leave the EU could materially alter the outlook for output and inflation, and therefore the appropriate setting of monetary policy. Households could defer consumption and firms delay investment, lowering labour demand and causing unemployment to rise,” the policy makers said in a statement accompanying its rate decision. The bank kept its key rate at a record low of 0.5% as expected. The BOE also said sterling is likely to depreciate further, “perhaps sharply” in the case of a vote to exit the union. The pound has dropped 9% since its November peak, half of which reflects the risks associated with the referendum, the bank said. “There are increasing signs that uncertainty associated with the EU referendum has begun to weigh on activity,” it said.

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Kohl’s Corp.’s stock dropped 4.4% in premarket trade Thursday, after the discount department store chain missed first-quarter profit and reported a surprise decline in sales. Earnings for the quarter ended April 30 fell to $58 million, or 31 cents a share, from $127 million, or 63 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 37 cents. Revenue fell 3.7% to $3.97 billion from $4.12 billion, below the FactSet consensus of $4.13 billion. Same-store sales declined 3.9%, compared with the FactSet consensus for a rise of 0.2%. “First quarter sales were challenging,” said Chief Executive Kevin Mansell. “Despite the sales environment, we were able to manage our gross margin and inventory levels consistent with our expectations as we took the markdowns necessary to clear excess inventory.” The stock has tumbled 19% year to date through Wednesday, while the S&P 500 has gained 1%.

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